1 Feb 2018 07:00
1 February 2018
W Resources Plc
("W" or the "Company")
La Parrilla funding increased to US$35m with first funding expected in February
W Resources Plc (AIM:WRES), the tungsten, copper and gold exploration and development company with assets in Spain and Portugal, is pleased to provide an update on the funding of the La Parrilla mine development.
As the Company announced on 12 December 2017, W had received preliminary approval from a US Special Situations Fund to provide a US$30 million term loan to W Resources to fund La Parrilla, that the term loan had received preliminary approval from the investment committee and that it was subject to final due diligence and legal documentation. Financial close was expected by the end of January 2018.
W is pleased to announce that W now plans to borrow an increased amount of US$35 million with the first US$13 million expected to be drawn in early February following execution of the credit agreement and the balance of US$22 million in the second quarter of the year after satisfaction of a number conditions precedent typical for this type of term loan.
A further announcement with more details of the loan will be made on execution of the credit agreement in the coming weeks.
Enquiries:
W Resources Plc Michael Masterman T: +44 (0) 20 7193 7463 www.wresources.co.uk | Grant Thornton UK LLP Colin Aaronson / Jen Clarke / Harrison Clarke T: +44 (0) 20 7383 5100 |
Turner Pope Investments (TPI) Ltd Andy Thacker T: +44 (0) 203 621 4120 www.turnerpope.com | Gable Communications Justine James T: +44 (0) 20 7193 7463 M: +44 (0) 7525 324431 |
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
About W
In 2012, W Resources Plc (AIM:WRES) made the successful transition into a tungsten production exploration and development company with projects in Spain and Portugal, following two acquisitions. Projects now include La Parrilla, a tungsten project in Spain and Régua and Tarouca Tungsten projects and the Portalegre copper-gold project in Portugal.
The Company's deposits and tungsten mine developments offer a low cost, high margin resource development opportunity. Tungsten and Tin prices have increased significantly over the last 12 months and Tungsten is in the EUs top 5 critical metals list.
The Board is focused to explore further opportunities in the region with a view to building a mid-tier minor metal producer.
The Company was incorporated in England and Wales in 2004.